UGE International Announces Upsized $6.1 Million Bought Deal Unit Offering
26 January 2021 - 4:07AM
UGE International Ltd. (“
UGE” or the
“
Company”) (TSXV:UGE), a leader in commercial and
community solar energy solutions, is pleased to announce that it
has entered into an amended letter of engagement with Eight
Capital, under which Eight Capital has now agreed to purchase, as
sole bookrunner and lead underwriter, together with a syndicate of
underwriters (together with Eight Capital, the
“
Underwriters”) 2,300,000 units of the Company
(the “
Unit”), on a “bought deal” private placement
basis, subject to all required regulatory approvals, at a price per
Unit of $2.65 (the “
Issue Price”) for gross
proceeds of $6,095,000 (the “
Offering”).
Each Unit shall consist of one common share of
the Company (a “Share”) and one-half of one common
share purchase warrant (each full warrant, a
“Warrant”). Each Warrant shall entitle the holder
thereof to acquire one Share at a price of $3.30 per Share for a
period of 24 months following the Closing Date. Following the one
year anniversary of the closing, at the option of the Company, the
Warrants may be subject to accelerated expiry in the event the
closing price of the Company’s common shares on the TSXV is $4.50
or greater for ten consecutive trading days.
The Company has agreed to grant the Underwriters
an over-allotment option to purchase up to an additional 15% of the
Shares at the Issue Price, exercisable in whole or in part, at any
time for a period of up to 48 hours prior to the closing of the
Offering. If this option is exercised in full, an additional
$914,250 will be raised pursuant to the Offering and the aggregate
proceeds of the Offering will be $7,009,250.
The Company intends to use the net proceeds of
the Offering for working capital and general corporate
purposes.
The closing date of the Offering is scheduled to
be on or about February 10, 2021 (the “Closing
Date”) and is subject to certain conditions including, but
not limited to, the receipt of all necessary approvals, including
the approval of the applicable securities regulatory
authorities.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful. The securities being
offered have not been, nor will they be, registered under the
United States Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
United States Securities Act of 1933, as amended, and applicable
state securities laws.
On behalf of the Board of
Directors
“Nick Blitterswyk”
Nick Blitterswyk, Chief Executive Officer
About UGE
UGE delivers immediate savings to businesses
through the low cost of solar energy. We help commercial and
industrial clients become more competitive by providing low cost
distributed renewable energy solutions at no upfront cost and
maximum long-term benefit. With over 400MW of global experience, we
work daily to power a more sustainable world. Visit us at
www.ugei.com.
For more information, contact UGE at:+1 917 720
5685investors@ugei.com
Forward-Looking Statements
Certain information set forth in this news
release may contain forward-looking statements that involve
substantial known and unknown risks and uncertainties, certain of
which are beyond the control of the Company. Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. These statements are only predictions.
Readers are cautioned that the assumptions used in the preparation
of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. Forward looking
statements include, but are not limited to, the anticipated closing
of the Offering, the anticipated use of proceeds, and the receipt
of regulatory approvals, including the approval of the TSX Venture
Exchange. The Company assumes no obligation to update
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
Neither the TSX Venture Exchange nor its
Market Regulator (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
UGE (TSXV:UGE)
Historical Stock Chart
From Nov 2024 to Dec 2024
UGE (TSXV:UGE)
Historical Stock Chart
From Dec 2023 to Dec 2024